A rendering of Vinty, a planned mixed-use project at the corner of Union and West Grand streets in Elizabeth — Courtesy: JLL
By Joshua Burd
The firms behind a high-profile redevelopment project in Elizabeth have landed more than $20 million in equity alongside a $55 million construction loan, under a set of transactions by JLL.
Capital markets brokers with the firm this week detailed their efforts on behalf of LeCesse Development Corp. and MAS Development Group, which are planning to build 267 apartments and 37,000 square feet of ground-floor space in the city. Those efforts have resulted in $77.75 million in total capital, including a $55 million construction loan through Citizens Bank and Lakeland Bank, along with preferred equity from Marble Capital LP.
The JLL team on the project included managing directors Jeff Julien, Rob Hinckley, Michael Klein and Steven Klein and Director Mark Mahasky.
“JLL is pleased to have been able to secure construction financing on behalf of LeCesse Development and MAS Development,” Steven Klein said. “Upon completion, this project and the future phases that the borrower has in its pipeline are going to transform the rental market at the Elizabeth Train Station.”
Known as Vinty, the project will sit on 2.48 acres at the corner of Union and West Grand streets, across from the Elizabeth train station. Plans call for four stories of residential units with 25 studio, 175 one-bedroom and 67 two-bedroom floor plans above 37,000 square feet of retail and office space and a 274-space parking garage.
The project is also slated to include high-end resident amenities such as a fitness center, virtual golf simulator and a resort-style pool with hot tub and cabana seating. The project is due for completion in the first quarter 2021.
“Both banks quickly understood the strength of the market, depth of the unit and community amenities that will be developed and the appeal of the site’s location steps from the train to Newark Liberty Airport, Newark Penn Station and the PATH to New York City,” JLL’s Michael Klein added. “These factors will draw renters to Vinty for years to come.”